BAYONNE -- The remaining 50 percent of the International-Matex Tank Terminals (IMTT) not owned by Macquarie Infrastructure Co. (MIC), a U.S. owner of storage facilities for oil products and chemicals, is being bought by MIC for $1.03 billion in cash and stock, according to an online report.

Bloomberg News reported the agreement on Tuesday, July 8, on its website. IMTT has a major presence in Bayonne, with a plant on Hook Road that employs hundreds. IMTT is also the largest landowner in the city, according to sources.

IMTT will become the largest single division within Macquarie, Bloomberg News reported. The deal is not expected to close before late July.

The deal follows years of discord between Macquarie and other investors, the report said, including members of the founding Coleman family. Family members will relinquish major roles with the company.

IMTT has a dozen bulk liquid storage facilities in North America, with terminals on the east, west, and gulf coasts.